WEST SACRAMENTO, Calif. (May 15, 2019) – The California State Teachers’ Retirement System today announced its acquisition of the majority interest in Fairfield Residential Company LLC from Brookfield Asset Management. Brookfield retained its interest in the investment manager of Fairfield’s affiliated real estate funds. Recently CalSTRS adopted a Collaborative Model for investments across all asset classes in its portfolio. This approach supports identifying and investing in strategic opportunities, such as the acquisition of real estate operating companies like Fairfield.
WEST SACRAMENTO, Calif. (May 9, 2019) – The Teachers’ Retirement Board today received the results of the actuarial valuation for the CalSTRS Defined Benefit Program as of June 30, 2018. The actuarial valuation provides a snapshot-in-time of the system’s financial health, in addition to monitoring the system’s funding status and its ability to meet long-term commitments.
Imposes criminal penalties on CalSTRS members, beneficiaries, participants and the people who assist them, who make false material statements or representations in order to receive CalSTRS benefits. Also establishes a crime for a person to accept a payment from CalSTRS with the knowledge that he or she is not entitled to the benefit.
Among other things, would have required large public pension funds report annually to the Controller on investments made in California’s emerging domestic markets. Also stated legislative intent that local retirement systems invest in those emerging domestic markets within the state.
Version: Enrolled 9/15/2006
Sponsor: CA Association for Local Economic Development
Would have required actuarial standards be developed by the Department of Education and used by school districts to report costs associated with retiree health and welfare benefits and be included in the criteria adopted by the Board of Education to identify schools experiencing financial difficulties. Also would have required the governing board of each school district to certify in its annual statements, its ability to pay the normal cost of retiree health and welfare benefits for the current and succeeding two fiscal years.
Prohibits CalSTRS and CalPERS from investing in companies with business operations in Sudan that meet specified criteria, and establishes procedures for identifying, engaging and divesting from such companies. Indemnifies from the General Fund all past, present, future board members, officers, employees and investment managers from liability sustained by reason of any decision not to invest in companies with business operations in Sudan.
Among other things, would have permanently eliminated the post-retirement earnings limit for retired DB members who are at or over age 60; also would have established a permanent exemption for retired members under age 60 who wait a period of 12 consecutive months after retiring before returning to perform creditable service.
Would have required all state, school and local public employers to offer their new employees, beginning 7/1/07, only defined contribution retirement plans, and allow current public employees to transfer money from their existing defined benefit retirement plan to the employer-sponsored defined contribution plan offered to new employees.
Among other things, would have implemented a proposed Constitutional Amendment to establish defined contribution and hybrid retirement programs for credentialed employees hired on or after 7/1/07. Also would have required any amendment to the Defined Benefit Program benefit formula that determines retirement benefits to apply only to service performed by the member on and after the effective date of the amendment.
Would have imposed criminal and civil penalties on CalSTRS members, beneficiaries, participants and the people who assist them, that make false material statements or representations in order to receive CalSTRS benefits. Also would have established a crime for a person to accept a payment from CalSTRS with the knowledge that he or she is not entitled to the benefit.
Would have required all state, school and local public employers to offer their new employees, beginning 7/1/07, only defined contribution retirement plans, and allowed current public employees to transfer money from their existing defined benefit retirement plan to the employer-sponsored defined contribution plan offered to new employees.
Would have required all state, school and local public employers to offer their new employees, beginning 7/1/07, the choice of hybrid or defined contribution retirement plans, and allowed current public employees to transfer money from their existing defined benefit retirement plan to the employer-sponsored retirement plan offered to new employees.
Would have, among other things, created a new exemption to the post-retirement earnings limit for a member who had been retired for at least 6 months and provided mentoring services in a high-priority school.
Would have required the Department of Education to develop actuarial standards for school districts that provide their retired employees health and welfare benefits, and report to the Legislature and Department of Finance on the districts’ progress annually. Also would have required districts to perform an actuarial study of their retiree health and welfare benefit liabilities, identify a funding source and provide funding in their budgets, and report the results to their county office of education.
Establishes a threshold for the payment and collection of benefit adjustments; provides a monthly benefit to dependent children under the Coverage B Survivor Benefits Program when there is no surviving spouse or partner at the time of the active member’s death; changes service credit purchase and benefit calculation provisions and eliminates two redundant reports to the Legislature.
Would have required all school districts or county offices of education that provide health and welfare benefits to their retired employees to report the accrued, unfunded cost of the benefits to the district’s governing board on an annual basis, regardless of whether the benefit continues or stops once the retiree reaches age 65.
Requests that the President and Congress of the United States enact legislation that would remove the burdensome effects of the Government Pension Offset and the Windfall Elimination Provision from the Social Security Act.
Version: Chaptered (Resolution Chapter 62, Statutes of 2006)
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